By: Zawya

The UAE-based Dana Gas PJSC, the largest private sector natural gas company in the region, has received a $20 million payment from the Egyptian Government.

This amount takes the funds received in Egypt in Q4 2024 to $24.5 million.

The payment will be reinvested in Dana’s existing operations in Egypt, where Dana Gas Egypt (DGE) has been operating since 2007.

Under a new investment plan Dana will drill 11 wells at an average cost of $3-5 million per well. The drilling activities are planned for February 2025 and will last 18 months.

The Abu Dhabi-listed energy producer, whose main assets are in the UAE, Egypt and in the Kurdistan Region of Iraq (KRI), had $60 million in Egypt receivables as of September 30. 

Dana said the latest payment enhances its liquidity position, which would allow it to consider resuming dividend payments to shareholders.